Prepare the journal entries for Cagayan Groceries using journal sheets Cagayan Groceries entered in the following transactions during the month of July 2020: July 2: Purchased ₱30,000 merchandise; terms 1/10, n/45. July 4: Paid trucking firm, ₱400 to ship the merchandise purchased on July 2. July 5: Purchased merchandises worth ₱43,200 with terms 2/10, n/30. July 6: Paid the trucking firm, ₱500 in relation to July 5 purchases. July 8: Returned ₱2,800 from the July 2 purchases. July 11: Paid the accounts from July 2. July 13 : Sold ₱92,000 merchandises cash. July 22: Sold Merchandises for ₱63,000. Terms; 1/15, n/30. July 28: Acquired equipment for ₱120,000 July 30: Paid purchases from June 5
Prepare the journal entries for Cagayan Groceries using journal sheets Cagayan Groceries entered in the following transactions during the month of July 2020: July 2: Purchased ₱30,000 merchandise; terms 1/10, n/45. July 4: Paid trucking firm, ₱400 to ship the merchandise purchased on July 2. July 5: Purchased merchandises worth ₱43,200 with terms 2/10, n/30. July 6: Paid the trucking firm, ₱500 in relation to July 5 purchases. July 8: Returned ₱2,800 from the July 2 purchases. July 11: Paid the accounts from July 2. July 13 : Sold ₱92,000 merchandises cash. July 22: Sold Merchandises for ₱63,000. Terms; 1/15, n/30. July 28: Acquired equipment for ₱120,000 July 30: Paid purchases from June 5
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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Prepare the journal entries for Cagayan Groceries using journal sheets
Cagayan Groceries entered in the following transactions during the month of July 2020:
July 2: Purchased ₱30,000 merchandise; terms 1/10, n/45.
July 4: Paid trucking firm, ₱400 to ship the merchandise purchased on July 2.
July 5: Purchased merchandises worth ₱43,200 with terms 2/10, n/30.
July 6: Paid the trucking firm, ₱500 in relation to July 5 purchases.
July 8: Returned ₱2,800 from the July 2 purchases.
July 11: Paid the accounts from July 2.
July 13 : Sold ₱92,000 merchandises cash.
July 22: Sold Merchandises for ₱63,000. Terms; 1/15, n/30.
July 28: Acquired equipment for ₱120,000
July 30: Paid purchases from June 5.
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